Indian equity benchmark index Nifty has pulled off an unprecedented 10th consecutive year of positive returns, closing 2025 with about 10.5% gain despite a cocktail of challenges that would have buckled
most markets—India-Pakistan tensions, Trump tariffs, the rupee breaching 91 against the dollar, and persistent concerns around the mismatch between valuations and earnings growth.
The last time Nifty delivered a negative return was in 2015, when the index fell 4%. Since then, every single calendar year has ended in the green, with the highest gain of 29% recorded in 2017.
Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said: “Indian equity markets closed the calendar year 2025 with the Nifty gaining 10%, marking a year of gradual recovery. Broader markets delivered a mixed performance, with the Nifty Midcap 100 rising 5.7% while the Nifty Smallcap 100 declined 5.6%, reflecting selective participation. After a phase of consolidation in 2025, we expect markets to deliver steady growth in 2026, supported by a recovery in corporate earnings, a gradual revival in private sector investment and support from recent and forthcoming government policy measures. Near term, markets are expected to remain sideways with selective buying amid thin trading volumes due to New Year holidays across global markets.”
Nifty’s Historic 10-Year Winning Streak
| Calendar Year | Nifty Annual Return (%) |
|---|---|
| 2025 | 10.5 |
| 2024 | 8.8 |
| 2023 | 20.0 |
| 2022 | 4.3 |
| 2021 | 24.1 |
| 2020 | 14.9 |
| 2019 | 12.0 |
| 2018 | 3.2 |
| 2017 | 28.7 |
| 2016 | 3.0 |
| 2015 | -4.1 |
| 2014 | 31.4 |
| 2013 | 6.8 |
| 2012 | 27.7 |
| 2011 | -24.6 |
| 2010 | 18.0 |
| 2009 | 75.8 |
| 2008 | -51.8 |
| 2007 | 54.8 |
| 2006 | 39.9 |
Dhiraj Relli, MD & CEO of HDFC Securities, put the achievement in global perspective: “The past decade has been nothing short of a dream run for the Indian markets, which has delivered positive annual returns in each of the last 10 years. This achievement is truly remarkable, surpassing even the S&P 500’s impressive bull run between 2009 and 2017, when it posted positive returns in eight out of nine calendar years.”
The year was marked by ferocious FII selling of around $18 billion as foreign liquidity pivoted to other global equity markets, including China, Japan, Europe and the USA. But domestic investors kept the faith, with SIP flows alone surging to approximately Rs 3.2 lakh crore in CY25.
Broader markets saw more significant corrections as domestic liquidity concentrated in large caps and IPO offerings absorbed paper from exiting promoters and private equity players.
Relli highlighted the market’s ability to weather unprecedented storms: “Throughout a decade marked by historic events both domestically and globally, including demonetization, GST reforms, the COVID-19 pandemic, the Russia-Ukraine conflict, and unprecedented tariffs on the global and Indian economies, Indian markets have not only demonstrated remarkable resilience but also thrived on solid underlying macroeconomic fundamentals.”
He emphasised India’s consistent positioning: “India has consistently ranked among the world’s fastest-growing major economies over the past decade, justifying its valuation premium relative to other emerging markets.”
The structural pillars supporting this rally, according to Relli, include “strong corporate balance sheets, ample liquidity, increasing financialization of savings, sustained government capital expenditure, supportive monetary and fiscal policies, and effective inflation management.”
Sunil Sharma, Chief Investment Strategist at Ambit Global Private Client noted the broader implications for investor behaviour: “In a world where disruption is constant, one also has to note that the Nifty has done a commendable job in terms of index updates. This type of track record gives long-term investors confidence and comfort and invites those who are invested in low-yielding instruments such as fixed deposits to consider equities.”
Relli added: “The Nifty’s performance over the past decade also stands as a powerful testament to the benefits of long-term investing.”
